BAKU, Azerbaijan, October 4. The Azerbaijani manat strengthened against the euro at the end of September compared to the beginning of the month, says Trend's analysis, based on the statistics of Azerbaijan's Central Bank.
As of September 30, the euro currency rate fell to 1.6671 manat.
According to the above currency rate
dynamics, the largest increase in the rate was recorded on
September 29 (up by 0.0228 manat or 1.4 percent compared to the
previous day).
Besides, following the dynamics of the change in the euro currency rate, it can be noted that, although on September 20 it almost reached a monthly maximum (1.7037), then a sharp decline in the value of the euro against the manat followed. So, on September 26, the rate fell by 0.0335 manat (2.01 percent) compared to the previous day, to 1.6368 manat per euro.
In the reporting month, the average rate was 1.6838 manat per euro. The rate reached its maximum level on September 13 (1.722 manat per euro), and the minimum - on September 28 (1.6236 manat per euro).
The euro fell against the manat due to the fact that on September 21 the US Federal Reserve System (FRS) once again raised the discount rate to 3.25 percent and also increased the dollar. As a result, the tying of the Azerbaijani manat to the dollar led to its increase against other currencies, including the euro.
Some members of the Federal Open Market Committee (FOMC) forecasted that FRS will raise the discount rate to 4.25-4.5 percent by the end of 2022, implying that until the end of this year, the euro and other currencies will continue to decline against to the dollar, including the manat.